Indian Overseas Bank (IOB) Monday January 11,2016 said it will
rationalise the number of its regional offices by closing 10 such
offices to improve efficiency.
“Our Bank at its
meeting held in 12.12.2015 decided to rationalise the number of regional
offices in the country by reducing 10 regional offices from existing
59. The estimated date of closure is 1.3.2016,” Indian Overseas Bank
said in a clarification to the BSE.
It further said,
“The closure of regional offices is for optimum utilisation of resources
and is administrative decision within the bank... it will result in
substantial reduction in administrative costs.”
Indian
Overseas Bank said it has 59 regional offices and 7 zonal offices,
which provide support and guidance to branches which are undertaking
business activities and are required to monitor the performance of
branches.
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